Despite claims from the Nigerian government of successfully freezing significant funds linked to the #EndBadGovernance protests, blockchain data reveals that some associated cryptocurrency wallets remain in operation. The National Security Adviser, Nuhu Ribadu, announced that the government blocked 83 billion Nigerian Naira ($52 million) in cryptocurrencies and fiat tied to the protest sponsors. This includes 78 billion Naira ($50 million) in cryptocurrency, 59 billion Naira ($38 million) supposedly frozen in four wallets, and 4 billion Naira ($2,540) allegedly contributed by political actors from several major cities.
However, broadcasters have found discrepancies in the government’s claims. Local media scans indicate that some of the wallets are still performing transactions or exhibit inaccurate balances. For instance, a wallet that reported a balance of 1.5 million Naira ($967) showed only 270,796 Naira ($172) during an examination. Another wallet, that was reportedly holding 698 million Naira ($443,512), had 367 million Naira ($233,574). Both wallets linked to the KuCoin and MEXC exchanges have been sending and receiving funds continuously, contradicting the government’s assertions.
This situation shows a clear difficulty the government faces when trying to regulate and monitor cryptocurrency transactions. The blockchain technology, unlike traditional finance systems, offers a level of anonymity and decentralization which makes enforcing freezes and tracking funds difficult for authorities.
During the #EndBadGovernanceInNigeria protests, many voices from the country’s cryptocurrency community asked for industry-specific demands to be included. It’s seen as an opportunity to push for potential regulatory reforms, benefiting the industry and the wider economy. However, the transactions’ ongoing nature along with balance discrepancies cast doubt on the government’s ability to enforce these measures effectively.